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Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

Weekly Roundup:

1. This week (July 22, 2024 - July 28, 2024), the market for the establishment of asset management trusts has cooled down, and the scale of product establishment has declined. According to incomplete statistics from public information, a total of 301 asset management trust products were established this week, up 0.67% month-on-month; the establishment scale was 8.731 billion yuan, down 12.59% month-on-month; The average daily establishment scale is 1.746 billion yuan.

2. This week, the asset management trust issuance market "decreased and increased", with the number of issuances decreasing but the issuance scale increasing slightly. According to incomplete statistics from public information, a total of 38 trust companies issued 216 asset management trust products this week, a decrease of 9.62% from the previous month; The issuance scale was 18.426 billion yuan, an increase of 1.47% month-on-month, and the average daily issuance scale was 3.685 billion yuan.

3. This week, the market for the establishment of non-standard trust products turned cold, and the scale of fundraising fell by more than two percent. According to incomplete statistics from public information, a total of 98 non-standard trust products were established this week, a decrease of 9.26% from the previous month; The establishment scale was 4.662 billion yuan, a decrease of 22.82% from the previous month.

4. The number of standard trust products issued this week was 120, a decrease of 15.49% month-on-month; A total of 203 standard trust products were established, an increase of 6.28% month-on-month; The establishment scale was 4.069 billion yuan, an increase of 3.09% month-on-month.

1. A one-week review of the asset management trust market

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

In 2024, as of July 28, 2024, a total of 19,839 products have been established in the asset management trust market, with a cumulative establishment scale of 514.909 billion yuan. This week (2024/07/22-2024/07/28), the market for the establishment of asset management trusts has cooled down, and the scale of product establishment has declined. According to incomplete statistics from public information, a total of 301 asset management trust products were established this week, up 0.67% month-on-month; the establishment scale was 8.731 billion yuan, down 12.59% month-on-month; The average daily establishment scale is 1.746 billion yuan. This week, the asset management trust market was in a cold downturn, and fund raising was under great pressure. Among them, the establishment scale of non-standard trust products has declined significantly. Recently, the adjustment of policies such as the improvement of the business development standards of political and credit business and the need for portfolio investment of non-standard trusts have had a greater impact on non-standard trust products. At the same time, in the current market environment, the scarcity of high-yield and high-quality assets has further affected the attractiveness of non-standard trust products, resulting in a weak performance of fund raising.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

This week, the asset management trust issuance market "decreased and increased", with the number of issuances decreasing but the issuance scale rising slightly. According to incomplete statistics from public information, a total of 38 trust companies issued 216 asset management trust products this week, a decrease of 9.62% from the previous month; The issuance scale was 18.426 billion yuan, an increase of 1.47% month-on-month, and the average daily issuance scale was 3.685 billion yuan. Among them, the issuance scale of trust products invested in the field of basic industries was 6.691 billion yuan, an increase of 5.54% from the previous month; the issuance scale of trust products invested in the financial sector was 11.046 billion yuan, an increase of 0.52% from the previous month; The issuance scale of trust products invested in the field of industrial and commercial enterprises was 677 million yuan, down 18.48% from the previous month.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

This week, the product issuance scale of foreign trade trust ranked first, and the top three trust companies in terms of issuance scale were: foreign trade trust (4.023 billion yuan), Everbright Trust (2.326 billion yuan) and national trust (2.000 billion yuan); in terms of the number of issuances, foreign trade trust (31 models), Zijin Trust (15 models) and Shaanxi Guotou Trust (15 models) ranked the top three.

Second, the establishment of non-standard products

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

This week, the market for the establishment of non-standard trust products turned cold, and the scale of fundraising fell by more than two percent. According to incomplete statistics from public information, a total of 98 non-standard trust products were established this week, a decrease of 9.26% from the previous month; The establishment scale was 4.662 billion yuan, a decrease of 22.82% from the previous month. This week, the number and scale of non-standard asset management trust products have decreased significantly, mainly because the establishment scale of basic industry trust products has declined sharply.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

This week, the establishment scale of trust products invested in the field of basic industries fell by more than 40%. According to incomplete statistics from public information, the establishment scale of basic industry trust products was 3.154 billion yuan, a decrease of 40.88% from the previous month; The establishment scale of financial non-standard trust products was 1.496 billion yuan, an increase of 1.62 times from the previous month. This week, the establishment scale of financial non-standard trust products increased significantly, mainly due to the low base of establishment last week.

From the perspective of investment regions, a total of 38 products in the basic REIT products disclosed for investment in regions this week, and the top three in terms of number are Jiangsu Province (12 products), Shaanxi Province (10 products) and Zhejiang Province (8 products); Among them, Shaanxi Guotou Trust, COFCO Trust, Jingu Trust, Zhejin Trust and other companies are relatively active. A total of 8 financial non-standard trust products are disclosed to the region, mainly concentrated in Tianjin (4); Among them, the foreign trade trust business is relatively active.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

This week, the average expected yield of non-standard products has declined. This week, the average expected annualized rate of return of non-standard asset management trust products was 5.63%, a decrease of 0.06 percentage points from the previous month, and the average maturity of the products was 2.25 years, an extension of 0.65 years from the previous month.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

According to statistics, this week, the average expected rate of return of products with a maturity of 1 year or less was 5.44%, a decrease of 0.32 percentage points from the previous month, the average expected rate of return of products with a maturity of 1-2 years was 5.85%, an increase of 0.09 percentage points from the previous month, and the average expected rate of return of products with a maturity of more than 2 years was 5.58%, an increase of 1.36 percentage points from the previous month.

3. The establishment of the standard trust

This week, the number of standard trust products issued was 120, a decrease of 15.49% from the previous month; Among them, the number of fixed income products issued was 110, accounting for 91.67%. From the perspective of business classification, among the standard trust products issued this week, there are 49 fixed income business products and 68 configuration business products.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

This week, the number and scale of standard trust products have both risen. According to incomplete statistics from public information, a total of 203 standard trust products were established this week, an increase of 6.28% month-on-month; The establishment scale was 4.069 billion yuan, an increase of 3.09% month-on-month.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

From the perspective of business classification, among the standard trust products established this week, there are 106 fixed income business products, accounting for 52.22%. The scale of fixed income business products was 1.783 billion yuan, accounting for 43.83%. There were 89 configuration business products, accounting for 43.84%. The scale of configuration business products was 2.286 billion yuan, accounting for 56.17%.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

From the perspective of performance benchmarks, the average performance benchmarks of fixed income and hybrid products continued to rise this week. According to incomplete statistics, the average performance benchmark of fixed income and hybrid standard trust products this week was 3.44%, an increase of 0.03 percentage points from the previous month.

Weekly Review of Usufruct - Collective Trust: Non-standard Product Raising Encounters Obstacles, Policy Adjustment Becomes a "Roadblock"

From the perspective of product types, the proportion of fixed income establishments declined this week. According to incomplete statistics from public information, 190 fixed-income products were established in the standard product business this week, up 4.40% month-on-month; 7 equity products were established, a decrease of 12.50% month-on-month; The mixed product was established 6 times, an increase of 5.00 times from the previous month.

From the perspective of investment strategies, the number of bond strategy products decreased this week. According to incomplete statistics from public information, the number of bond strategy products established was 171, an increase of 1.79% month-on-month; 26 fund of funds strategy products were established, up 52.94% month-on-month; 3 equity strategy products were established, a decrease of 40.00% from the previous month.

Fourth, the latest business trends in the trust industry

Jiangsu Trust joined hands with Zhenjiang Wheat Field Foundation to create a precedent for Zhenjiang Charitable Trust

Recently, Zhenjiang Maitian Charity Foundation entrusted Jiangsu Trust to jointly set up the "Suxin Hongshan · Maitian Public Welfare No. 2 Charitable Trust", the charitable trust was established with a scale of 2 million yuan, and the charitable funds will focus on education support, poverty relief and other public welfare charity projects, aiming to help Zhenjiang and surrounding areas in need of care groups, especially children and adolescents in difficulty. The trust is the first charitable trust in Zhenjiang. The two parties make full use of their respective advantageous resources to serve social welfare and promote the efficient use of charitable funds through the trust function.

China Foreign Trade Trust landed the first collateral service trust

Recently, China Foreign Trade Trust landed its first collateral service trust, helping the continuous operation of a local hydropower station through the trust project, which penetrates the assets of a hydropower station with an installed capacity of 32.99MW, which is expected to generate more than 150 million kWh of green electricity per year for the local area. According to the three classifications of trust business, a collateral service trust is an asset service trust, and the core lies in providing services. This project is not only an active exploration of the original business of trust by China Foreign Trade Trust, but also another value innovation of trust services in the green and low-carbon industry.

CCCT is deeply engaged in education charitable trusts to help the development of education in an all-round way

Recently, China Chengxin Trust has issued 2024 scholarships (teaching) funds to 186 outstanding teachers and students from Lishui, Zhejiang, Nanchong, Sichuan, Xingtai, Hebei and other middle schools through charitable trusts. In the future, CCCT will continue to thoroughly implement the requirements of the Central Financial Work Conference on the political and people's nature of financial work, give full play to the unique advantages of charitable trusts, gather forces from all walks of life, and make new contributions to the balanced and high-quality development of education in the mainland.

The first intellectual property ABS issuance in Northwest China was participated in by the trust company

Recently, the first intellectual property ABS in Northwest China, led by Xi'an Guarantee Group, was successfully issued on the Shenzhen Stock Exchange. The first phase of the product is 100 million yuan, with a term of 2 years, and a coupon rate of 2.5% for senior securities, which is the lowest interest rate of intellectual property ABS of the same maturity in China. Shaanxi Guotou is also introduced into this product, which is an exploration of trust companies to participate in asset securitization. The intellectual property ABS of this single is to take the cash flow of the enterprise to repay the principal and interest of the trust plan as the underlying asset, and the 11 enterprises involved are all Shaanxi science and technology enterprises. Shaanxi Guotou participates in this as an asset service institution, and will be responsible for the maintenance of the relationship between the follow-up borrowers, payment collection, and project early warning management as an asset service institution.

Chang'an Trust joins hands with ALS fighters to "break the ice" and move forward

Recently, Chang'an Trust's "Overcoming ALS Charitable Trust" project signed a donation agreement with the Westlake Education Foundation to support the relevant scientific research teams of Westlake University to continue to carry out research on ALS. Taking this opportunity, we also observed the great potential and innovative practice of Chang'an Trust, as a state-owned financial institution, in the deep integration of philanthropy and finance.

Author: Qin Jinhong

Source: usufruct trust network

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